Janet Yellen and the Fed’s Attempt to Undo Past Mistakes

Even with the Fed’s almost unlimited power, Chair Janet Yellen will find it difficult to undo her predecessors’ mistakes.

After nearly a century of Supreme Court justices rewriting the Constitution to suit political ends, nearly every American knows that electing a president entails the indirect election of at least a few members of the high court. For some—those eager to change certain rulings and those determined to protect them from change—this is the most important aspect of presidential elections.

The same is true of another key presidential appointment, though it’s not as widely appreciated outside the financial community, and it isn’t...